Dawn Myers, a Washington D.C.-based CEO, secured a six-figure Shark Tank deal following her decision to sell her house and liquidate her 401(k).
On a recent episode of Shark Tank, Dawn pitched a whopping $150,000 for 10% of one of her products called “The Mint,” a $400 thermal hair infuser. The judges not only offered sound business advice but an even sweeter deal of $150,000 for 15% equity plus 5% in advisory shares. What took five years to make “The Mint” wouldn’t be possible without standing on some boss moves.
“I ended up selling my home,” Dawn reportedly said, adding that she “eventually would liquidate my 401(k) so that we could build this product.”
“I put together this really rudimentary prototype [in 2017], and I started applying to accelerators and incubators and pitch competitions,” Dawn continued. “Everybody who I went to said, ‘There’s no way you can make this.’”
Shark Tank investors Mark Cuban and Emma Grede weighed in on the pitched product.
On behalf of her brainchild, The Most, a marketplace and hub for natural hair enthusiasts, Dawn proudly accepted the offer made by investors Mark Cuban and Emma Grede. She is also the mastermind behind brands Richualist and The Most Curls while training in law.
“When you are disrupting an industry, focus on the disruption,” Cuban said, echoing Grede’s advice to nullify any ideas of a strategic partnership co-branding pod subscriptions.
According to Dawn, The Mint uses cartridges or pods listed at $6 each or $36 for a monthly 6-pack subscription. The hair infuser supposedly featured detangling ease and distributing heated conditioners and gels throughout hair strands.
“It’s a bloody distraction,” said Grede, who is known as the first Black female entrepreneur to serve as a guest host on the show. “[The Mint] should be what you’re talking about. You need to get out there and establish that this is the thing for curly hair … I just don’t feel like you should muddy the waters at this early stage.”
“Thank you for seeing women’s innovations,” Dawn said in accepting the six-figure deal. Thank you for supporting me indirectly.”
While undergoing cancer treatment, Dawn previously raised $1.1 million in venture capital for The Most.
In January 2022, Dawn was diagnosed with stage three colon cancer and underwent surgeries and chemotherapy treatments. A Richualist spokesperson told CNBC that the boss woman, who aims to make styling textured hair fast and easy, was able to raise over a million dollars for her business.
Black women are reportedly the fastest-growing entrepreneurs in the United States.
According to the GoDaddy Venture Forward research initiative, Black entrepreneurs own 15% of U.S. microbusinesses, with more than two-thirds of those owned by Black women. For instance, Black women represent 10% of total entrepreneurs surveyed for the latest report, representing a 70% increase in the number of Black women-owned businesses started prior to the pandemic in 2020. And securing funding is no easy feat.
Congratulations, Boss Dawn Myers, on landing the six-figure deal!